Fixed deposits or FDs are one of the safest investment options. You should consider keeping some percentage of your savings portfolio in fixed deposits. The deposits can be opened in banks, post offices, and financial institutions. If you open a fixed deposit a/c in a bank, you will be able to understand the returns based on the tenure.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
There are tax-saving fixed deposits which will let you save up to Rs. 1.5 laky per annum under Section 80C of the Income Tax Act. You can get returns on fixed deposits on a monthly basis or annual basis as per your convenience. And using a fixed deposit calculator you can check the monthly returns on your FD.
Banks will pay a higher interest rate on fixed deposits and it is higher than the interest paid on the savings account.
Fixed deposits are offered by almost all banks in India. You can open a fixed deposit in a bank with minimal documentation. Some banks offer fixed deposits with monthly payouts.
You can go for such kinds of deposits from ICICI Bank, SBI, Axis and various other banks. You can opt for quarterly and annual returns apart from monthly returns.
|You May also like to Read: Interest Rate on FD in SBI|
If you opt for monthly returns, you should go for a lump sum investment. If you are looking for an alternative source of income on a monthly basis, you can opt for monthly payout on your fixed deposits. You can also use the fixed deposit calculator online to know your monthly returns.
Almost all the banks provide the facility to open an FD account using their online portal or mobile application. It enables all the potential investor to ascertain the monthly interest payout that they can earn.
Listed below are the steps to help you calculate monthly payout interest on your fixed deposits-
You will have to deposit a lump sum amount and the equated monthly installments will be paid by the bank. The monthly installments comprise of the part principal as well as interest. The interest will be calculated on the reducing balance and it will be paid on monthly basis.
For example, if you have deposited Rs. 1 lakh and after few days the deposit can be broken as per your financial needs. You can break to the extent offered by the bank, which will be credited into your account along with the interest accumulated on that date. The rest of the amount will continue to earn the interest as per the tenure.
The bank will revise the interest on fixed deposit on regular basis based on the following factors:
Banks will deduct the returns on fixed deposit. if the returns are more than Rs. 10,000 in a financial year.
Fixed deposits are offered by various banks in India. Customers can deposit lump sum amount and the payout can be obtained after the maturity period or on monthly basis. Fixed Deposit Calculator can be used to calculate your returns and you can opt for a fixed deposit based on the monthly, quarterly or annual returns. The deposits are safe and secure and you will meet your financial goals without any issues.
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